Patterson-UTI Energy (PTEN) Shares Gap Down to $17.30

Shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) gapped down before the market opened on Wednesday . The stock had previously closed at $17.74, but opened at $17.30. Patterson-UTI Energy shares last traded at $17.23, with a volume of 2376999 shares trading hands.

PTEN has been the topic of a number of recent research reports. BidaskClub cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Thursday, March 29th. Zacks Investment Research cut shares of Patterson-UTI Energy from a “hold” rating to a “sell” rating in a research note on Tuesday, February 20th. Scotiabank upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Howard Weil upgraded shares of Patterson-UTI Energy from a “sector perform” rating to a “sector outperform” rating in a research note on Friday, January 12th. Finally, BMO Capital Markets set a $24.00 target price on shares of Patterson-UTI Energy and gave the stock a “hold” rating in a research note on Friday, February 9th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seventeen have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $25.71.

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The company has a quick ratio of 1.24, a current ratio of 1.37 and a debt-to-equity ratio of 0.15.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings data on Thursday, February 8th. The oil and gas company reported ($0.10) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.08) by ($0.02). The company had revenue of $787.33 million for the quarter, compared to analysts’ expectations of $764.84 million. Patterson-UTI Energy had a net margin of 0.25% and a negative return on equity of 4.82%. The business’s quarterly revenue was up 218.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.53) EPS. analysts forecast that Patterson-UTI Energy, Inc. will post 0.03 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 22nd. Stockholders of record on Thursday, March 8th were given a dividend of $0.02 per share. This represents a $0.08 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend was Wednesday, March 7th. Patterson-UTI Energy’s dividend payout ratio (DPR) is currently -10.00%.

In other news, Director Terry H. Hunt sold 10,000 shares of the firm’s stock in a transaction on Tuesday, March 13th. The shares were sold at an average price of $19.46, for a total transaction of $194,600.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 4.60% of the company’s stock.

Several institutional investors have recently bought and sold shares of PTEN. Nationwide Fund Advisors grew its holdings in shares of Patterson-UTI Energy by 31.8% during the 3rd quarter. Nationwide Fund Advisors now owns 412,883 shares of the oil and gas company’s stock valued at $8,646,000 after purchasing an additional 99,714 shares during the last quarter. New York State Common Retirement Fund grew its holdings in shares of Patterson-UTI Energy by 4.7% during the 3rd quarter. New York State Common Retirement Fund now owns 1,179,300 shares of the oil and gas company’s stock valued at $24,695,000 after purchasing an additional 53,473 shares during the last quarter. Great West Life Assurance Co. Can grew its holdings in shares of Patterson-UTI Energy by 19.3% during the 3rd quarter. Great West Life Assurance Co. Can now owns 127,480 shares of the oil and gas company’s stock valued at $2,654,000 after purchasing an additional 20,618 shares during the last quarter. Legal & General Group Plc grew its holdings in shares of Patterson-UTI Energy by 15.9% during the 3rd quarter. Legal & General Group Plc now owns 271,342 shares of the oil and gas company’s stock valued at $5,682,000 after purchasing an additional 37,166 shares during the last quarter. Finally, Schwab Charles Investment Management Inc. grew its holdings in shares of Patterson-UTI Energy by 26.7% during the 3rd quarter. Schwab Charles Investment Management Inc. now owns 771,726 shares of the oil and gas company’s stock valued at $16,160,000 after purchasing an additional 162,677 shares during the last quarter. Hedge funds and other institutional investors own 99.66% of the company’s stock.

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Patterson-UTI Energy Company Profile

Patterson-UTI Energy, Inc, through its subsidiaries, provides onshore contract drilling services to oil and natural gas operators in the United States and Canada. It operates through two segments: Contract Drilling and Pressure Pumping. The Contract Drilling segment markets its contract drilling services primarily in Texas, southeastern New Mexico, northern Louisiana, Colorado, Wyoming, North Dakota, western Oklahoma, Pennsylvania, Ohio, West Virginia, and western Canada.

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